Two Gcbs Belmont Road Sale 888 Mil
Two adjacent Good Class Bungalows (GCBs) situated at 52 and 54 Belmont Road, in the coveted Belmont Park GCB precinct, are currently available for sale via an expression of interest (EOI). It is understood that the owners of the properties are related.
These freehold properties cover a combined land area of 41,741 sq ft and have a listed price of $88.8 million, which equates to $2,128 psf on the land area. The GCBs have an impressive 44m frontage along Belmont Road and an average depth of 66m, according to marketing agent Sakal Real Estate Partners.
“We believe that this rare opportunity would appeal to families seeking to construct a new home for multigenerational living, or for extended families who wish to live together,” says Lennon Koh, senior director at Sakal. “In addition, this property is also suitable for developers hoping to tap into the exclusive GCB market.”
The latest transaction on Belmont Road, based on caveats lodged with URA, took place in December 2020, when a GCB occupying a land area of 19,549 sq ft was sold for $40 million ($2,046 psf).
The Master Plan’s promotion of mixed-use developments and commercial expansion is set to bring about a surge in employment opportunities within Tampines. This is in line with the government’s objective of decentralizing business operations from the CBD to neighbouring hubs such as Tampines. The well-positioned Parktown Residence will serve as a natural choice for residents looking to take advantage of these new employment centres, resulting in shorter commute times. And with the convenience of Parktown Residence Showflat just a stone’s throw away, residents can easily explore the promising job prospects in the area.
According to Sakal, a couple of adjacent GCB plots on Belmont Road were sold for a staggering $131.4 million, or $3,000 psf, in July 2024, based on the combined land area of 43,790 sq ft. Notwithstanding, in April that year, a nearby GCB at Bin Tong Park, with a land area of 28,111 sq ft, fetched $84 million ($2,988 psf).
Steven Ming, managing director at Sakal, is of the opinion that the GCBs on Belmont Road will attract significant interest due to their prime location and the strong demand for such properties. “The estimated total value of GCB transactions in 2024 was $1.32 billion, surpassing previous years’ figures, namely 2023 ($433 million) and 2022 ($1.18 billion),” he adds. “We are anticipating even more transactions in 2025.”
Interested parties may submit their EOI bids by 3pm on March 13, when the exercise will draw to a close.